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TMI Blog2012 (10) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... The present set of appeals i.e. ITA Nos. 394/Mds/2012 & 395/Mds/2012 have been filed by the Revenue impugning the order of the CIT(A)-I, Coimbatore dated 29.11.2011 & 30.11.2011 respectively. 2. Both these appeals have been filed with a delay of 13 days. Affidavit for condonation of delay, citing reasons for the delay have also been filed along with the appeals of the Revenue. Being satisfied wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom various parties on account of loans and share application money received by the assessee. Some of the creditors and the investors confirmed the same. Some of the amounts received by the assessee were through account payee cheque and demand drafts. The Authorised Representative of the assessee conceded before the Assessing Officer that some of the amounts which were not explained are to be asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (P) Ltd., reported as 216 CTR 195 partly allowed the appeal of the assessee and the addition made on account of share application money under section 68 was deleted by the CIT(A), whereas the amount received by the assessee on account of unsecured loans to the tune of Rs. 11,70,000/- was confirmed. The CIT(A) vide order dated 30.11.2011 directed the Assessing Officer to delete the penalty levied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve gone through the orders passed by the CIT(A) and the assessment order. A perusal of the same shows that as against the total application money Rs. 49,94,000/- received by assessee, the Assessing Officer was able to verify the source/investors to the tune of Rs. 24,92,000/-. As per the alleged admission of the assessee, source of investment to the tune of Rs. 25,02,000/- could not be explained, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ex Court in Lovely Exports P.Ltd.(supra) the Department is at liberty to proceed in accordance with law against the individuals/investors whose names have been given by the assessee to the Assessing Officer as investors and have not confirmed their investment in the assessee company. 8. In consequence to the above findings in ITA No.394/Mds/2012, the appeal of the Revenue - ITA No.395/Mds/2012 as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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